A Analysis of JPMorgan Chase & Co.'s (JPM) Third Quarter (Q3) 2025 Financial Results
$JPM (JPMorgan Chase & Co) reported its financial results for the third quarter of 2025 (ended September 30, 2025) on October 14, 2025, before the market opened. The company significantly exceeded analysts' expectations, with diluted EPS of $5.07 (vs. $4.84-$4.87 estimated) and managed revenue of $47.1 billion (up 9% YoY), driven by a rebound in investment banking fees (+16%) and markets revenue (+25%). Net income rose 12% to $14.4 billion, with ROE of 17% and ROTCE of 20%. However, NII grew only 2% to $24.1 billion, impacted by spread pressures. The company raised its FY2025 NII guidance to $98 billion (from $96 billion) and expenses to $97 billion (from $96 billion).
$JPM (JPMorgan Chase & Co) stock rose ~1.5% in premarket trading, reflecting resilience in a mixed macro environment.
1. Key Consolidated Results
$JPM (JPMorgan Chase & Co) posted robust revenue and earnings growth, with expansion in margins and returns. Net income was stable, but noninterest revenue drove the beat, with strong activity in markets and IB.
| Financial Metrics | Q3 2025 (Reported) | YoY Growth | vs. Estimates | Notes |
| Managed Revenue | $47.1 billion | +9% | Beat | Driven by noninterest revenue +16% and markets revenue +25%. |
| Reported Revenue | $46.4 billion | +9% | N/A | Excludes management adjustments. |
| Net Interest Income (NII) | $24.1 billion million | +2% | Below | NII ex-Markets $23.4 billion, flat; pressures on spreads. |
| Noninterest Revenue | $23.0 billion | +16% | N/A | Ex-Markets $14.8 billion, +16%; IB fees +16%. |
| Net Profit | $14.4 billion | +12% | N/A | Attr. to common shareholders. |
| Diluted EPS | $5.07 | +16% | $4.84-4.87 (exceeded) | Benefited by repurchases. |
| ROE | 17% | +1 pp | N/A | ROTCE 20% (+1 pp). |
| CET1 Ratio | 14.8% (standardized) | Stable | N/A | Advanced 14.9%. |
| Credit Provisions | $3.4 billion | +9% | N/A | Net charge-offs $2.6 billion (+24%); reserve build $810 million. |
- Organic Growth : Noninterest revenue ex-Markets +16%; YTD revenue $138.6 billion (+10%).
- YTD : Net income $42.2 billion (+15%); EPS $14.87 (+19%).
2. Segment Analysis
$JPM (JPMorgan Chase & Co) operates in four main segments plus Corporate. CIB led the way with a 17% increase in revenue, driven by Markets and IB. CCB grew due to deposits and card spend.
| Segment | Revenue ($M) | YoY Growth | Net Earnings ($M) | ROE/ROTCE | Key Notes |
| Consumer & Community Banking (CCB) | 19,500 | +9% | 5,000 | 35% | Deposits flat; loans +1%; card NCO rate 3.15%; card sales +9%. |
| Commercial Banking (included in CIB? Note: PDF combined, but search indicates separate in some) | N/A (included in CIB) | N/A | N/A | N/A | Loans +1%; deposits +15%. |
| Corporate & Investment Bank (CIB) | 19,900 | +17% | 6,900 | 18% | IB fees +16%; markets +25% (FICC +21%, equities +33%); backlog up YoY. |
| Asset & Wealth Management (AWM) | 6,100 | +12% | 1,700 | 40% | AUM $4.6T (+18%); inflows $109B; loans +9%. |
| Corporate | 1,700 | -45% | 825 | N/A | Low for non-recurring items. |
- Observations : CIB ~42% of revenue; CCB ~41%; AWM ~13%; Corporate ~4%. Strong in ECM and M&A; card spend up 9%.
- Tendencias: Deposits avg up 6%; loans avg $1.4T (+7%); NCO rate up en cards.
3. Cash Flow, Balance Sheet and Other Indicators
$JPM (JPMorgan Chase & Co) generated solid cash flow, with capital returns of ~$10B YTD. The balance sheet grew, with deposits up 6% and loans up 7% YoY.
- Cash Flow : Not specifically detailed; high conversion from operations.
- Balance Sheet : Undisclosed assets; cash & securities $1.5T; standardized RWA $1.9T (+2% QoQ); TLAC $568B.
- Deposits : Avg up 6% YoY, +1% QoQ.
- Loans : Avg $1.4T (+7% YoY, +3% QoQ).
- Capital : CET1 14.8%; buybacks $2B in Q3; dividends $1.25B; total YTD returns ~$10B.
- Other : Noninterest expense $24.3B (+8%); overhead ratio 52%; headcount 48,300? (No, that was for GS, mistake; for JPM it's ~320K, not detailed).
4. Full Year 2025 Guide and Outlook
$JPM (JPMorgan Chase & Co) raised its guidance for FY2025, reflecting momentum in noninterest revenue, although NII was stable.
| Metrics | FY 2025 Guidance | Notes |
| Net Interest Income (NII) | $98 billion | Raised from $96 billion; ex-Markets $94 billion. |
| Expenses | $97 billion | Raised from $96 billion; includes offsets. |
| ROE/ROTCE | ~17%/20% | Consistent with YTD. |
- Outlook : Confidence in a resilient economy, but uncertainty due to geopolitics, tariffs, and inflation. Focus on execution and customers.
La CEO Jamie Dimon comentó: “The Firm reported strong results in the third quarter, generating net income of $14.4 billion and delivering an ROTCE of 20%. Each line of business performed well.”
5. Conclusion and Implications
$JPM (JPMorgan Chase & Co) Q3 2025 results demonstrate resilience and leadership, with EPS and revenue beats, IB and markets growth, and guidance upgrades. Strength in CIB and AWM offsets pressures in NII, positioning
$JPM (JPMorgan Chase & Co) for solid returns. However, macro risks require monitoring.
Recommendation : Buy/Hold for value investors (forward P/E ~10x, yield ~2.8%); upside due to dealmaking and deposits.
This analysis is based on public data and is not financial advice. It is for informational purposes only and does not constitute an investment recommendation.